BidaskClub upgraded shares of Middleby (NASDAQ:MIDD) from a strong sell rating to a sell rating in a research note released on Tuesday morning.
MIDD has been the subject of a number of other reports. Zacks Investment Research raised Middleby from a hold rating to a buy rating and set a $149.00 price target for the company in a research note on Thursday, February 22nd. BMO Capital Markets reaffirmed a buy rating and set a $160.00 price target (up from $145.00) on shares of Middleby in a research note on Wednesday, March 7th. They noted that the move was a valuation call. Citigroup raised their price target on Middleby from $120.00 to $150.00 and gave the stock a neutral rating in a research note on Tuesday, January 30th. Deutsche Bank cut their price target on Middleby from $120.00 to $110.00 and set a hold rating for the company in a research note on Friday, November 17th. Finally, Wellington Shields downgraded Middleby from an accumulate rating to a hold rating in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $138.25.
Shares of Middleby (NASDAQ:MIDD) opened at $133.13 on Tuesday. Middleby has a one year low of $107.53 and a one year high of $142.00. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.07 and a current ratio of 1.97. The firm has a market capitalization of $7,440.00, a PE ratio of 25.31 and a beta of 1.83.
Middleby declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 14th that authorizes the company to repurchase 2,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the transaction, the treasurer now directly owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nassem Ziyad acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average cost of $118.50 per share, for a total transaction of $237,000.00. Following the completion of the purchase, the director now directly owns 2,000 shares in the company, valued at approximately $237,000. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of MIDD. Bank of New York Mellon Corp raised its stake in shares of Middleby by 258.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,161,870 shares of the industrial products company’s stock valued at $156,794,000 after acquiring an additional 837,820 shares in the last quarter. CI Global Investments Inc. grew its holdings in Middleby by 42.4% in the 3rd quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after buying an additional 631,770 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Middleby by 170.9% in the 3rd quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock valued at $122,680,000 after buying an additional 603,869 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Middleby in the 4th quarter valued at approximately $53,537,000. Finally, TimesSquare Capital Management LLC acquired a new stake in Middleby in the 4th quarter valued at approximately $49,223,000.
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Middleby Company Profile
The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.
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